Obama Reveals He Doesn’t Know What the Fed’s Job Is, Supports Bernanke Anyway | Jr Deputy Accountant http://bit.ly/9aAJHC
CPI says inflation flat. CRB says bullshit.
any country using Michael Hudson as an economist has an unfair advantage
It’s a Jimi morning in London 😉
‘Ah ! Jimmy Hendriks. We miss him. A real good client of ours.’
CIA afghan smack dealer
Ironis indeed. While denouncing the system like Janis Joplin and Morrison, their industrial consumption of CIA smack directly financed the system they were denouncing. Do good music, denounce the system but don’t use CIA smack.
lol, now that’s a life lesson to tell the kiddies 🙂
In an exclusive interview with the Daily Mush, the country’s most senior banking regulator Lord Takeabung answers questions about the possible unhealthy symptoms within the UK banking sector:
Q: Thank you spending the time with us today. I’d like to talk about the possible climate for fraudulent activity in the banking sector. This is mainly based on the work of Akerlof & Romer who published a notable paper in 1993.
A: Fraud. Oh hardly. Well, if there was, I would have heard about, eh? But as it is, I’ve had not a sniff, no, not a sausage.
Q: Well the authors provide a framework for assessing the conditions under which this could realistically happen, based on 4 examples from the 1980s and 1990s. The first warning sign they say is that of excessive pay / remuneration whereby owners and managers can extract maximum wealth from a firm.
A: Enough of this lefty nonsense. We have to pay ‘em this. We wouldn’t want society’s best and brightest going in to science, engineering, teaching or medicine now would we??
Q: And the second point to be wary of is where we may have over valued companies. Are modern banking firms overvalued?
A: Oh not in the slightest. Just look at their nice shiny big buildings. Haven’t you noticed? Plus they dress nice and some of them even talk quite posh, so they must be worth billions and trillions of pounds at least. More lefty nonsense, I’m afraid.
Q: Yes, but didn’t many of them go bust. From hero to zero in no more than a few weeks / months?
A: Maybe, but that’s the sign of a good functioning market, eh? We don’t want company values, or even country values for that matter staying fixed now do we. Where will that get us all? Its called liquidity, and according to those nice chaps in Chicago it’s a blessing and we should embrace it.
Q: But isn’t liquidity a bit intangible?
A: No it isn’t! I saw some on someone’s balance sheet just the other day, so don’t tell me I’m seeing things!
Q: But aren’t these balance sheet assets held by the banks intangible (such as bonds), and isn’t that a substantial contributor to the unpredictability of their underlying value?
A: Oh dear boy, where have you been? Tangible assets are so 20th Century. No, the world has moved on since then. Besides all that coveting of tangible assets, wasn’t very healthy conduct now was it? What with all those big wars and stuff. No, the intangible paper stuff and its electronic equivalent is definitely the future, my good chap! Next question.
Q: Yes, well the final point is that a fundamental moral hazard occurs when a Government promises, or actually undertakes, ultimate responsibility of bad private investments. Many people call this privatised profits and socialised losses. How do you respond?
A: Well, of course the Government has to step in. There’s no-one else left to carry the can. I mean without that, where will it get us all? You don’t want all those brave speculators losing money now do you! Posh suits and shiny building don’t come about on their own now. Well, I’ve had enough, conversation over.
Beastie Boys // Off The Grid
Lord Lordylord and Dame Leisurely-Ontopofmynob?
@ Marc A
We support the organic botanists of Ladbroke Grove….no CIA middleman
China had the Opium War and it learned its lesson, this time its saying screw you u imperialist pigs!
I listened to a film by Alex Jones and one his cinematographer ‘American drug wars.’ Sweet Jesus ! It just blew me away. You have a scene wher Alex Jones confronts directly one of these godamn fuckin Nazi from the DEA and he says to guy directly that the mother fuckin US government ships the smack to USA.
What’s is most ironic is that 3 months after that, the same shit working for the DEA is arrested for smuggling cocaine from Columbia ! The war on drugs is not reall a war on drugs. It’s a war on drug dealers that don’t pay their cut to Goldman Sachs and the fuckin pimps in Washington, That’s the truth.
@TJ and Snoop Diddy
Bad competion this weed for the opium from Afghanistan and the Coke from United Fruits. 🙂
Here the documentary. ‘American Drug Wars’.
@Snoop Diddy and TJ
And no it’s a coocoo stuff. USA is about Guns Oil and Drugs.
USA is smackland not Disneyland, It’s not the other ones are better. It’s just that USA is the best at the bullshit. I hate the place because it’s probably the most hypocritical country in the world when it comes to smack.
Well it’s not working in China ? Know why ? China has nukes. And China has 200 million soldiers. Littel problemo Uncle Sam.
Great link: Thanks!
(so clear that even I can understand!)
The beltway psychos are going to push China to the brink. Armageddon is around the corner if they attack Iran, IMHO. All US wars are fought on the Chinese credit card. This can’t be good.
Watched American drug war twice…too funny. The prison industrial culture amazes me.
How do you say in mandarin ‘US hyperinflation’ ?
We need to take out the CIA.
Boy this guy is soo courageous. CIA Nazi scum.
He doesnt predict War??
Ok go back to sleep america, heres a casually racist advert as endorsed by Alex Jones
Is it `naïveté` or plain, unintelligent `red-neck` global thinking to believe that the USA can continue to “lead the world” on credit, while continuing to militarily `encircle` (`Atlantic` Nato…) and threaten other nations or wage (imperialistic !) `Regional-Control` wars, if necessary, under the (usual)pretext of` “Security”, “Democracy” or “Liberation” ?!?
NOT ONLY THE CHINESE LEADERSHIP, BUT AT LEAST 17 (!!) NATIONS PRESENT AT THE G20 `MEETING` IN SEOUL ARE FED-UP LISTENING TO “TERRORIST”-SMOKE-CURTAIN-RHETORIC, HIDING INSIDIOUS PROPAGANDA FOR CONTINUED STRATEGIC / FINANCIAL / ECONOMIC “SUPERIORITY” IN THE PACIFIC AND ASIA, AS (SO FAR…) `REALISED` THANKS TO THE CRIMINAL WALL STREET – `BANKING`-ACTIVITIES (!!) ALL OVER THE WORLD, `SUPPORTED` BY THE (Private…) FEDERAL RESERVE, THE WORLD BANK AND THE IMF…
Hudson is saying the game is over for the USA, because the central banks, assisted by government policies, have destroyed the dollar. In other words, to save the financial institutions, that created the crises, and paying off their fraudulent gambling debts, the value of the dollar, and the future of the country, have been sacrificed.
Give me a break! China is not so benevolent people.
BBC ‘ Today’ Radio interview the other day, Chinese visitor was asked about it’s currency and democracy matters. Reply was that UK should remember the Opium Wars.
Chinese don’t forget.
Thanks for the interview Guys,
Here’s the best paper of the AMI conference, Steve Keen’s modeling of the financial crisis and where it’s headed.
You can download a Flash copy of the presentation at this link:
You should have Steve Keen on your show. He’s an authority on this subject and should be in line for a Nobel soon.